Appendix 4: Consultation

Approach to the Inquiry

The Committee invited public submissions by 31 March, based on the terms of reference. The Inquiry received more than 280 submissions as part of this process.

The Inquiry invited a second round of submissions in response to the Interim Report, released on 15 July 2014, which made 28 observations and posed a series of questions seeking further information from stakeholders. The Inquiry received more than 6,500 submissions as part of this process.

In addition to formal submissions, Committee members have held bilateral meetings, roundtables and public forums in Australia over the course of the Inquiry. The Committee also met with the International Panel and undertook two international trips to meet with international regulators and financial intermediaries.

Speeches

14 February 2014
Conduct of the Financial System Inquiry
Address to the Economic and Political Overview Conference, Sydney, Committee for Economic Development of Australia
David Murray AO, Chair, Financial System Inquiry

1 May 2014
Financial System Inquiry: An Update on Progress
Address to the Australian Business Economists, Sydney
David Murray AO, Chair, Financial System Inquiry

15 July 2014
Sustaining Confidence in the Australian Financial System — Launch of the Interim Report
Address to the National Press Club, Canberra
David Murray AO, Chair, Financial System Inquiry

Stakeholder meetings

The Inquiry also participated in several hundred meetings with stakeholders. The table below summarises the stakeholder meetings attended by Committee members. It does not include the numerous stakeholder meetings conducted by the Secretariat.

Meetings in Australia

Pre-Interim Report

Post-Interim Report

No.

Stakeholder category

No.

Stakeholder category

11

Government

13

Government

20

Financial Institutions

34

Financial Institutions

6

Consultants

1

Consultant

5

International

5

International

1

Service provider

2

Service providers

21

Peak bodies

16

Peak bodies

-

-

1

Individual (small business owner)

64

Total

72

Total

International Trips

Date

No. of meetings

Location

26 March 2014

5 meetings

Hong Kong

20–24 July 2014

17 meetings

Europe — Frankfurt, Basel, London

24–30 July 2014

14 meetings

United States — New York, Washington DC

7–11 September 2014

10 meetings

Asia — Singapore, Beijing, Hong Kong

Submissions to the Inquiry

First round submissions (lodged up until 2 May 2014) are available on the Financial System Inquiry website, except where authors requested confidentiality. A list of people and organisations that made non- confidential submissions is available at Appendix 3 of the Financial System Inquiry Interim Report.

The second round of submissions closed on 26 August 2014. Of the more than 6,500 submissions the Inquiry received in response to the issues set out in the Interim Report, more than 5,000 campaign submissions were received on the issue of ‘credit card surcharges’ — these are not listed below. Second round submissions are also available on the Inquiry’s website.

Analysis of submissions

Chart 8: Second round submitters to the Inquiry shows the composition of parties that made second round submissions to the Inquiry.

Chart 10 (page 290) shows the three observations that each category of stakeholder raised most frequently in the second round of submissions. The darker shade represents a heavier focus on that observation.

Chart 9: Frequency that Interim Report observations were raised in second round submissions